Deutsche Bank downgraded Parker-Hannifin (PH) to Hold from Buy with an unchanged price target of $809. The firm sees limited upside in the near-term with the shares outperforming the group materially in each of the last four years. Investor perception of Parker-Hannifin “has completely shifted,” going from a cyclical machinery-driven business to a “best-in-class” diversified industrial, the analyst tells investors in a research note.
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